In fresh happenings, the erratic nature of Bitcoin sees a retreat of 4.6%, causing market enthusiasts to explore the concept of buying the dip. As it stands, Bitcoin is quoted at $25,619, amassing a 24-hour trade volume at an impressive $18.8 billion. Occupying the highest rank on CoinMarketCap, Bitcoin shows off a live market cap of almost $499 billion. It’s noteworthy that the Bitcoin currently circulating in the market is 19,473,525 BTC, gradually approaching its capped supply of 21,000,000 BTC. As these market dynamics spring up, the route Bitcoin follows will be of keen interest.
Recent figures put forth by the US Bureau of Labor Statistics (BLS) suggests that the Nonfarm Payrolls (NFP) for August saw a leap by 187,000, crossing the estimated 170,000. Interestingly, the earlier rise of 187,000 in July took a downward turn to 157,000. The unemployment figure also exhibited a rise, climbing from 3.5% in July to 3.8% in August. Conversely, the Labor Force Participation Rate showed an upward trajectory, from 62.6% all the way to 62.8%. Meanwhile, the yearly wage inflation rate denoted by Average Hourly Earnings slightly dipped to 4.3% from 4.4%.
The positive NFP could conjure investor faith in traditional markets, possibly shifting their focus away from Bitcoin. However, the current sweeping changes in job numbers and the climb in the unemployment rate could stir a little uncertainty. If traditional markets shake in response, Bitcoin might steal the show as a safeguard, considering its ‘digital gold’ status. The effect on BTC will primarily be an interpretation game by market participants of these mixed signals.
Dipping into Bitcoin’s technical side, a bearish trend is surfacing, more so after dipping below the significant support threshold of $25,900. Currently, Bitcoin is heading towards the considerable support level of $25,400.This support level coordinates with its low on August 22. A bearish crossover beneath the 50-day exponential moving average, along with a bearish engulfing candle on the four-hour chart intensifies the likelihood of a further decline. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicator both lean towards a sell zone, bolstering the likelihood of persisted bearish momentum.
Still, if Bitcoin manages to break the $25,400 barrier, subsequent support can be anticipated around $24,600, and $24,150 emerging as a robust base. On the other hand, $25,900 could potentially act as a significant resistance on the upside. A bullish crossover beyond this could establish an ascent towards $26,400 or potentially $27,000. Ultimately, the price level worth watching would be $25,400, as it hints at Bitcoin’s direction.
With an unyielding interest in initial coin offerings (ICO) and alternative cryptocurrencies, it becomes crucial to keep tabs on the top 15 digital assets for 2023. This knowledge will help you to thrive in the unpredictable digital asset world. Cryptocurrency Price Tracker – Source: Cryptonews
However, a disclaimer to heed, cryptocurrency projects endorsed in this article are not financial advice from the author or publication. Cryptocurrencies are high-risk, highly volatile investments, and thorough research is always advised.
Source: Cryptonews
